Impact of COVID-19 on Global Cosmetic Industry
|出版商||Orion Market Research Pvt Ltd||商品編碼||931566|
|新型冠狀病毒感染疾病(COVID-19)對化妝品產業的影響 Impact of COVID-19 on Global Cosmetic Industry|
|出版日期: 2020年03月01日||內容資訊: 英文||
Global Cosmetic Market Size, Share & Trends Analysis Report by Product Type (Skin Care, Hair Care, Make-up, Toiletries & Perfumes, and Oral Cosmetics), Impact of COVID-19 on Global Cosmetic Industry, and Forecast 2019-2025
The global cosmetic companies manufacture various beauty care products with a mixture of chemicals. These cosmetic products are widely used by consumers to enhance the appearance or odor of their bodies. The factors that were fueling the growth of the market before the COVID-19 pandemic include the improvements in the current lifestyle, rising disposable income coupled with the growth in concern related to appearance. Additionally, the companies are using social media platforms such as Instagram, YouTube to promote their products and engage more customer base. With the aid of social media influencer, the companies are showcasing their products on various platforms.
However, with the outbreak of Covid-19 since January 2020, the market of global cosmetic products has shown declining results in the growth rate. Due to the lockdown situation going on across the globe cosmetic manufacturers had to shut down their production units as a result of the labor shortage. Additionally, numerous cosmetic stores were also shut down as the result of the COVID-19 pandemic.
The global cosmetic industry report is segmented based on product type into skincare, haircare, make-up, toiletries & perfumes, and oral cosmetics. Almost all the segments of the cosmetic industry have experienced a similar downfall in sales during the outbreak due to the closing of offline stores at various locations across the globe.
Effect of COVID-19 on the cosmetic industry can be observed globally in all the regions including North America, Europe, Asia Pacific and Rest of the Word. In the US, the lockdown situation is going on for a long period of time as per the government guidelines. Most of the companies also had to cut down the workforce or had to send their employee for work from home leading to a decline in production rate. Additionally, the same downfall of the cosmetic industry was also experienced in the European region. Also, Italy is known as fashion capital globally had suffered most since most of the fashion shows got cancelled due to the COVID-19 outbreak. Now, the outbreak has spread in the other parts of the region also including Spain, Germany, France, and UK which is further expected to decrease the demand for cosmetic products in the region.
Key companies getting affected in the market include Beiersdorf AG, Chanel S.A., Coty Inc., Estee Lauder Companies Inc., Henkel AG & Company, KGaA, Johnson & Johnson, Kao Corp, L Brands, Inc., and L'Oreal SA and many more. Cosmetic companies such as Procter & Gamble Co/The have experienced some major setbacks in the market of China. One of the major effects was on the company's global supply chain that was affected by halted factory work in China. Moreover, countries such as India have lockdown the whole nation and major e-commerce companies including Amazon.com and Walmart owned Flipkart has halted the supply of non-essential products (including cosmetics) which is also expected to affect the cosmetic industry in the near future.
OMR global recently published a report addressing the impact of COVID-19 on the global cosmetic industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the cosmetic industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
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